PNC Bank on Thursday announced the close of a new fund that will invest $161 million in the development and rehabilitation of affordable rental housing for families and seniors nationwide.
The PNC Low Income Housing Tax Credit Fund 87 includes investments from PNC and eight of the largest national banks and insurance companies in the U.S. It will provide financing for more than 1,700 affordable housing rental units in 13 multifamily properties in 10 states, including California, Kentucky, Oregon and Texas.
Many of the projects intend to serve special populations, including survivors of domestic violence, extremely low income or those without income at all, people experiencing homelessness and heads of household with a disability.
Read more at Pittsburgh Business Times.
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